Scheme for payment of taxes for small traders and manufacturers under GST

Posted on 11 June 2022 Category : GST

Composition levy is an alternative approach of levy of tax designed for small taxpayers whose turn over is up to 150 lakh (seventy five lakh for special category states, excluding J&K and Uttarakhand) for deliver of products. It is a kind of turnover tax. The goal of the scheme is to provide a simplified tax payment regime for the small tax payers. The scheme is elective and is specifically for small buyers, manufacturers and restaurants. Composition scheme has also been made to be had for providers of services (to those who are not eligible for the currently to be had composition scheme) with a tax fee of 6% (3% CGST +3% SGST) having an annual turnover inside the preceding FY up to 50 lakh. They would be prone to record one Annual return with quarterly payment of taxes. This has been made effective from 01. 04. 2019.

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